Document title: Money Market Operations as on September 28, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference: Press Release 2026-2027/1205
Date: 29 September 2026
Policy Rates and Liquidity
The RBI’s Liquidity Adjustment Facility (LAF) operations on 28‑29 September 2026 included a reverse repo of ₹1,11,711.00 crore at a rate of 5.24%, a Marginal Standing Facility (MSF) injection of ₹201.00 crore at 5.50%, and a Standing Deposit Facility (SDF) injection of ₹2,24,503.00 crore at 5.00%. The net liquidity effect of today’s operations was a withdrawal of ₹3,36,013.00 crore. Outstanding reverse repo positions comprised ₹36,949.00 crore (tenor 26 days) and ₹1,11,176.00 crore (tenor 30 days), both at 5.24%. Net liquidity injected from outstanding operations was a deficit of ₹1,43,879.24 crore, and the cumulative net liquidity injection, including today’s operations, amounted to a deficit of ₹4,79,892.24 crore. The Standing Liquidity Facility (SLF) availed from RBI stood at ₹4,245.76.
Money Market Operations
Overnight Segment (I+II+III+IV)
The total one‑leg volume in the overnight segment was ₹7,42,309.96 crore. Call money contributed ₹17,367.62 crore at a weighted average rate of 5.11% (range 4.00‑5.25%). Triparty repo volume was ₹5,37,826.35 crore at 5.05% (range 4.40‑5.21%). Market repo accounted for ₹1,80,312.59 crore at 5.09% (range 4.00‑5.40%). Repo in corporate bonds was ₹6,803.40 crore at a rate of 5.25% (range 5.21‑5.40%).
Term Segment
Notice money volume was ₹501.00 crore at 5.12% (range 4.85‑5.25%). Term money volume was ₹89.00 crore with a rate band of 5.40‑6.15% (rate not applicable). Triparty repo in the term segment was ₹6,690.00 crore at a weighted average rate of 5.24% (range 5.12‑5.35%). Market repo was ₹1,095.30 crore at 5.35% (range 4.75‑5.50%). Repo in corporate bonds for the term segment was ₹100.00 crore at a flat rate of 6.80%.
Banking and Credit
Cash reserves of scheduled commercial banks with the RBI as on 28 September 2026 were ₹8,21,681.55 crore. The average daily cash reserve requirement for the fortnight ending 30 September 2026 was ₹8,21,989.00 crore, indicating a marginal shortfall. The Government of India’s surplus cash balance for auction on the same date was zero. Net durable liquidity, defined as surplus or deficit, stood at a surplus of ₹10,66,303.00 crore as on 31 August 2026.
The press release underscores that liquidity management through repo, reverse repo, MSF and SDF operations continues to be calibrated to absorb excess liquidity, as reflected by the net negative liquidity injection figures. The detailed money‑market volumes and rates provide a snapshot of market conditions and the RBI’s stance on short‑term funding costs.